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NET SALES
9 Months Ended
Mar. 31, 2025
Revenue from Contract with Customer [Abstract]  
NET SALES

NOTE 3. NET SALES

 

The following table presents the disaggregation of net sales by revenue recognition model (in thousands):

                 
                 
   Three Months Ended
March 31,
   Nine Months Ended
March 31,
 
   2025   2024   2025   2024 
Net Sales:                    
Over-time revenue recognition   $186   $234   $274   $762 
Point-in-time revenue recognition    17,228    14,059    48,825    38,057 
Total net sales   $17,414   $14,293   $49,099   $38,819 

The timing of revenue recognition, billings, and cash collections results in billed accounts receivables, unbilled receivables (presented as deferred costs on our condensed consolidated balance sheets), and customer advances and deposits (presented as deferred revenue on our condensed consolidated balance sheets), where applicable. Amounts are generally billed as work progresses in accordance with agreed upon milestones. The over-time revenue recognition model consists of non-recurring engineering (“NRE”) and prototype services and typically relates to NRE services related to the evaluation, design, or customization of a medical device and is typically recognized over time utilizing an input measure of progress based on costs incurred compared to the estimated total costs upon completion. During the three and nine months ended March 31, 2025, we recorded $0 and $14,000 respectively, of revenue that had been included in deferred revenue in the prior year. During the three and nine months ended March 31, 2024, we did not record any revenue that had been included in deferred revenue in the prior year. The revenue recognized from the contract liabilities consisted of satisfying our performance obligations during the normal course of business.

The following tables summarize our contract assets and liability balances (in thousands):

                 
  

As of and for the

Three Months Ended
March 31,

  

As of and for the

Nine Months Ended
March 31,

 
   2025   2024   2025   2024 
Contract assets beginning balance   $152   $412   $262   $494 
     Expenses incurred during the year    70   106   159   376 
     Amounts reclassified to cost of sales    (81)   (179)   (274)   (505)
     Amounts allocated to discounts for standalone selling price        (8)   (6)   (34)
Contract assets ending balance   $141   $331   $141   $331 

 

 

                 
  

As of and for the

Three Months Ended
March 31,

  

As of and for the

Nine Months Ended
March 31,

 
   2025   2024   2025   2024 
Contract liabilities beginning balance   $   $   $14   $ 
     Payments received from customers       225      267 
     Amounts reclassified to revenue        (190)   (14)   (232)
Contract liabilities ending balance   $   $35   $   $35